Mexico’s economy up 1.1% in the third quarter
8:35 am Friday, November 22nd, 2024
(Reuters) – Mexico’s economy expanded 1.1% in the third quarter compared to the April-June period, national statistics agency INEGI said on Friday, almost in line with the 1.0% increase expected by economists polled by Reuters.
The growth in Latin America’s second-largest economy was mainly driven by the primary sector, which comprises activities such as farming, fishing and mining and expanded 4.9% in the quarter, according to the statistics agency.
Secondary and tertiary activities, respectively covering manufacturing and services, grew 0.9% and 1.1% on a sequential basis.
In annual terms, the economy expanded 1.6 percent compared to a year earlier. The reading was slower than the growth of 2.20% posted in the previous quarter, and marginally above the 1.5% projected in the Reuters poll.
Mexico’s central bank, known as Banxico, lowered its key rate by 25 basis points to 10.25% last week in a unanimous decision, underscoring progress on bringing down core inflation and signaling future rate cuts were possible.
(Reporting by Luana Maria Benedito; Editing by Chizu Nomiyama)
